12-Unit Apartment
New
For Sale
$2,500,000
935-939 Dewey Ave, Ann Arbor, MI 48104
Apartment property near Michigan Stadium and the University of Michigan campus with on-site parking.
Property Size10,992 SF
Days on Market2
Property Features for 935-939 Dewey Ave
General Information
Standard status
Active
Size
10,992 SF
Property subtype
Multifamily
Units
Unit Mix
10 x 2BR, 2 x 1BR
Multifamily Units
12
Building Details
Building Size
10,992 SF
Year Built
1967
Buildings
1
Listing Agency:
Thomas A. Duke Company
Listed By:
James Porth
(248) 760-5805
Source:
Thomasduke
Added: Sep 19
Last Checked: Sep 19 at 2:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This 12-unit apartment building in Ann Arbor was constructed in 1967 and includes a balanced mix of residential layouts. The property contains 10 two-bedroom units and 2 one-bedroom units, providing a range of unit configurations within a compact apartment asset.
The building is positioned near Michigan Stadium and the University of Michigan campus, with parking included on the property. Its Ann Arbor location places the apartments near major university and athletic facilities.
The building is positioned near Michigan Stadium and the University of Michigan campus, with parking included on the property. Its Ann Arbor location places the apartments near major university and athletic facilities.
Key Highlights
- 12‑unit apartment building in Ann Arbor
- Unit mix includes 10 two‑bedroom units and 2 one‑bedroom units
- Located near Michigan Stadium
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,061
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,501,220
$2.5M
Cap Rate 7%
$1,786,586
$1.8M
Cap Rate 9%
$1,389,567
$1.4M
Market Conditions
NOI Build-Up for 10,992 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$241.4K $21.96/SF
− Vacancy
−$14.0K −$1.27/SF
EGI
$227.4K $20.69/SF
− OpEx
−$102.3K −$9.31/SF
NOI
$125.1K $11.38/SF
Area
Ann Arbor, MI
Vacancy
5.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,501,220
Cap Rate 7%
$1,786,586
Cap Rate 9%
$1,389,567
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.56M – $2.08M
NOI $125,061 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.12M – $2.83M
NOI $169,935 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 48104, MI
41,588
Population
19,173
Households
2.2
Avg Household Size
27
Median Age
82%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
5,332
Density / Sq Mi
$63,341
Median Household Income
$16,073
Median Earnings
$1,548
Median Rent
$481,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property near Michigan Stadium and the University of Michigan campus with on-site parking.
Where is this apartment building located?
The property is located at 935-939 Dewey Ave Ann Arbor, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12‑unit apartment building in Ann Arbor; Unit mix includes 10 two‑bedroom units and 2 one‑bedroom units; Located near Michigan Stadium
